Outlook on the Marine Compressor Global Market to 2026 - Increase in the Number of Ships is Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Marine Compressor Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The marine compressor market is anticipated to grow at a CAGR of 2.78% during the forecast period, to reach a total market size of US$3.435 billion in 2026 from US$2.836 billion in 2019.

Companies Mentioned

• Atlas Copco
• Teknotherm Marine
• Ingersoll Rand Inc.
• Kaeser Compressors, Inc.
• DHV Marine GmbH
• Tanabe
• Burckhardt Compression AG
• Hi-Sea Marine

The marine compressor is a piece of auxiliary machinery used in ships and other vessels, which go into the ocean. These are used for producing compressed air, which has various applications on board, in both the engine and deck departments. The compressor serves multiple purposes in a ship. The primary function is to compress air or any other fluid to reduce its volume and increase the air pressure. The marine compressors are used in essential equipment or feeder equipment to different systems. They are employed in several processes ranging from the small process of cleaning the filters to the bigger tasks like starting main and secondary engines. The wide-ranging uses of marine compressors are expected to drive market growth during the forecast period.

In addition, the increase in the number of ships across the globe will subsequently accelerate the demand for marine compressors in the next few years. According to the World Merchant Fleet Data, the number of ships in 2015 was 48,459, which rose to 52,961 by 2020. Furthermore, the technical advancement in the marine compressor industry will further lead to the development of compressors that requires less operational and maintenance investment, which, in turn, support the market growth of the marine compressor market.

Growth Factors

• Increase in the number of ships

The increase in the number of ships globally is mainly due to growing tourism, an increase in recreational activities, sea freight, and international trade. To meet the spurring demand these activities, the companies are adding more ships to their inventory each year. The increase in the number of ships for diverse applications will further amplify the market for marine compressors, as each ship will require a compressor.

• Benefits of marine compressors

Marine compressors provide several benefits to ships and other vessels, which enter the ocean. They provide benefits such as starting air to machines and engines, high-energy efficiency, reduces volume, increase air pressure, and act as a control valve. The benefits associate with marine compressors is expected to drive the growth of the market during the forecast period.

Restraints

• High costs

The costs associated with the installation and maintenance of marine compressors are very high which may hamper the growth of the market during the forecast period. The initial installation cost is very high as it includes the cost of the compressor as well as the skilled manpower required. The marine compressors also need to be regularly maintained to ensure smooth functioning, which further increases the associated costs.

• Increase in rate of sea freight

Lately, the rates associated with sea freight have considerably risen owing to equipment shortages and the reduction of vessel capacity in developing economies such as the Indian subcontinent. The surge in the demand for goods to be transported by sea has caused a shortage of empty containers, which has subsequently resulted in increasing the freight rates, which may restrain the market growth during the forecast period.

Impact of COVID-19

Owing to the Covid-19 pandemic, the demand for sea cargo and freight increased exponentially as the demand for medical products such as disposable masks, gloves, PPE kits, oxygen cylinders, oxygen concentrators, etc. rose overnight across the globe, especially in developing countries like India. The government of developing nations imported these products across borders to cater to the increasing demand. To import the products in large volumes, the sea routes were taken which rapidly increased the sea freight market, which bolstered the market growth for the marine compressor market.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Marine Compressor Market Analysis, By Product Type

6. Marine Compressor Market Analysis, By End-User

7. Marine Compressor Market Analysis, By Geography

8. Competitive Intelligence

8.1. Competitive Benchmarking and Analysis

8.2. Recent Investment and Deals

8.3. Strategies of Key Players

9. Company Profile

For more information about this report visit https://www.researchandmarkets.com/r/o7sbd7